Making Money In Mobile Homes
I have heard about a book called "Deals On Wheels" thats says there is alot of money to be made buying lower priced Mobile Homes for cash and then turning arounding and selling them with a note for profits. Like buying them for $1000. and selling them with a note getting payments that might bring you $4000.- $6000. when paid off. The author says not to worry if the person you sell to stops paying cause you can make more money selling it again after you get it back. What concerns me and he does not mention is the legal cost invloved in getting it back. I mean on a low priced MH like this I can for see a lawyer reaping any monies that one could potentially make and more .... This concerns me because I am on a disability and have only about $10,000 to work with. This idea sounds great but also sounds like it could clean one out fast. I really want to try this money making idea but don't want to loose everything in the process. Is there a way to write such a note that it would be easy and not to costly to get the MH back if the buyer does not pay ?
Roger In Florida
Roger,
I've been doing this for awhile. The guy your talking about is Lonnie_Shruggs in Virginia.
He is correct that this could be done. There are no lawyers involved when the people don't pay because there are no deeds. They are titled by DMV in your state. You just repo them like you would a car. Not hard. Not expensive. In fact, many dealers like it if someone pays for a few years and then stops paying because they get to repo it and sell it all over again.
The only problem I have is not in the buying and selling of the MH's. It's selling the notes to investors after I've finished the deal. It takes a lot of money to do this as a full time business.
I used to be able to sell the notes to private investors after I created the notes. But most of those people aren't buying the notes anymore. After I do three or four deals, I have to wait 8-10 months until I get enough money in from the notes to do another deal.
Unless you have a lot of money, you'll probably only to be able to do a few deals before you run out of funds.
But a few deals are better than none.